Reese Witherspoon's Hello Sunshine is being sold for almost $1 Billion... five years after she founded the company
- Reese Witherspoon's company, Hello Sunshine, is being sold for $900 million
- The movie star, 45, founded the company five years ago
- The new firm, backed by Kevin Mayer and Tom Staggs, is being backed by private equity giant Blackstone Group Inc
- The acquisition will be the first for the as-of-yet untitled firm
- Reese and the company's CEO Sarah Harden will continue to serve as board members and oversee day-to-day operations
Reese Witherspoon's company, Hello Sunshine, is being sold for $900 million, five years after she founded it.
The 45-year-old movie star's company is selling itself to a new media company formed by former Disney executives Tom Staggs and Kevin Mayer, according to The Wall Street Journal.
The new firm is being backed by private equity giant Blackstone Group Inc, per the outlet.
The latest: Reese Witherspoon's company, Hello Sunshine, is being sold for $900 million. The 45-year-old movie star's media company is selling itself to a new company formed by former Disney executives Tom Staggs and Kevin Mayer, according to The Wall Street Journal; seen April 25, 2021 at the 93rd Annual Oscars in Los Angeles
The acquisition will be the first for the as-of-yet untitled firm; they are planning on acquiring other content companies, per WSJ.
Variety's insiders revealed that they are looking into rolling several smaller media companies together.
Reese and the company's CEO Sarah Harden will continue to serve as board members and oversee day-to-day operations, the outlet reported.
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Variety reported that they will continue to be significant equity holders in the new venture.
WSJ's sources revealed that Blackstone is spending $500 million in cash to purchase shares from the current investors in Hello Sunshine, which consist of Emerson Collective and also AT&T Inc.
Details: The new firm is being backed by private equity giant Blackstone Group Inc, per the outlet
Hello Sunshine's past projects include Big Little Lies, The morning Show, Little Fires Everywhere, Gone Girl and Wild.
It was founded by Reese, Seth Rodsky, Peter Chernin and AT&T.
Reese said in a statement to Variety: 'Today marks a tremendous moment for Hello Sunshine. I started this company to change the way all women are seen in media. Over the past few years, we have watched our mission thrive through books, TV, film and social platforms. Today, we're taking a huge step forward in partnering with Blackstone, which will enable us to tell even more entertaining, impactful and illuminating stories about women's lives globally.'
On the Hello Sunshine website, the company's mission says: 'Founded by Reese Witherspoon, Hello Sunshine is a media company that puts women at the center of every story we create, celebrate and discover. We tell stories we love - from big to small, funny to complex - all shining a light on where women are now and helping them chart a new path forward.'
Reese shared a snap of the WSJ story adding the statement to the caption, as well as additional comments, calling it a 'tremendous day.'
Boss: Reese and the company's CEO Sarah Harden will continue to serve as board members and oversee day-to-day operations, the outlet reported; seen August 6, 2018 in LA
'I couldn't be more excited about what this means for our future. I am committed to continuing to create opportunity for filmmakers, authors and creators of all backgrounds and experiences to tell their stories in their own way, and reach more audiences who will see that their stories matter.'
'This is a unique time in our world where the intersection of art, commerce and media makes it possible for these creators to tell their stories and Hello sunshine is here to put a spotlight on their amazing creations. I am deeply proud of the team that us to this incredible moment, and I'm thrilled to be working with Blackstone, Kevin and Tom to grow a next generation media company. They are committed to helping our mission to empower women and the people who celebrate them. One story at a time.'
In addition to Hello Sunshine, Reese is also the founder of the clothing and home company Draper James.
The company, which she founded in 2013 with Seth, in honor of her Southern roots.
Draper James is backed by Stone Canyon Industries, JH Partners and Forerunner Ventures.
Entrepreneur: In addition to Hello Sunshine, Reese is also the founder of the clothing and home company Draper James; Reese pictured wearing Draper James
